For April 2021 the median selling price of homes in Pueblo County was up to $275,000, this is an 18.1 increase since this time last year.
With no end in sight the Pueblo real estate market continues to be a game of whack-a-mole. A home gets listed for sale and within a few days it’s under contract after receiving multiple offers, sometimes with assurances that if the appraised value of the home is less than what the agreed upon purchase price is, the buyer will pay the difference. This kind of offer wars is going on with any home that is well kept and in decent shape. Because the options for purchasing is so low this can cost the buyer additional thousands of dollars in the purchase and nets the seller more money.
Homes for Sale increased by 19.3% over this time last year. That comes as no surprise since April was the first month we went into COVID lockdown and at one point for several weeks real estate agents were not considered essential workers. The showings stopped but not for a very long time. Showings were limited to only allowing 3 people in a home at one time and everyone was required to wear masks and limit interaction with the home to reduce the spread of the coronavirus. We were fortunate in that agents really took the health department guidelines to heart and made sure all in our industry were following safe and effective health guidelines so we could stay in business.
We also saw a 23.1% increase in the number of listings against this time last year. The reasoning behind this statistics is the same as the number of homes sold statistic. Less homes were on the market last year due to the shutdown.
Following in line with the previous two statements, in April we also see a 56.2% increase in the number of homes that are currently under contract and waiting to sell.
As far as the decrease of 53.4% of the current active listings, one statistic not represented in the illustration above is year to date we are up 21.1% in the numbers of homes that have been listed and up 5.5% in the total number of homes sold since the beginning of the year.
There is new construction going on in Pueblo West which is bringing some relief to the inventory issue but its not at enough numbers to alleviate the inventory issue.